North Dakota Crude Output Set to Rise on Higher Oil Prices Amid Iran War Uncertainty

North Dakota's crude oil output is set to increase in the coming months due to rising oil prices, according to state regulator Nathan Anderson. The surge in oil prices has prompted operators to boost production from existing wells while holding back on new drilling amid sharp price volatility tied to the Iran war.

Oil prices have been volatile since the start of the conflict, trading at a high of $119.48 a barrel on March 9 and a low of $69.20 on March 2. Despite this uncertainty, operators are responding to higher oil prices, with one operator set to pick up an additional rig and frac crew in July.

There has been a 13% increase in the deployment of workover rigs in North Dakota, from 110 to 125, as operators look to optimize existing production. This comes after a 4,000 barrel per day increase in oil production in February, which rose to 1.13 million bpd.